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REVENUES BY PRODUCT | 6 Months Ended
--- | ---
Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES BY PRODUCT | 12. REVENUES BY PRODUCT
Schedule revenues by product |  |  |  |  |  |  |  |
|  | June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Sale of sugar |  |  | 44,891 |  |  |  | 60,772 |
Sale of rice |  |  | 13,964 |  |  |  | 19,732 |
Sale of oils and fats |  |  | 8,021 |  |  |  | 14,519 |
Sale of others |  |  | – |  |  |  | 13 |
|  |  | 66,876 |  |  |  | 95,036 |
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess performance of the segment. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. The Company uses the “management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. Management, including the chief operating decision maker, reviews operation results by the revenue of different services. Based on management’s assessment, the Company has determined that it has four operating segments as defined by ASC 280 as follow:
| 1. | Sale of sugar
| 2. | Sale of rice
| 3. | Sale of oil and fat products
| 4. | Sale of others
Information regarding the results of each reportable segment is included below. Performance is measured based on segment revenue and gross profit/(loss), as included in the internal management reports that are reviewed by the Company’s CODM. Both segment revenue and gross profit/(loss) are used to measure performance as management believes that such information is the most relevant in evaluating the level of activities and results of these segments. The following table presents summary information by product type for the six-month periods ended June 30, 2024 and 2025, respectively:
Schedule of information by product type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, 2024 |
|  | Sale of sugar |  |  | Sale of rice |  |  | Sale of oil and fat products |  |  | Sale of others |  |  | Total |
|  | US$’000 |  |  | US$’000 |  |  | US$’000 |  |  | US$’000 |  |  | US$’000 |
Revenue |  |  | 44,891 |  |  |  | 13,964 |  |  |  | 8,021 |  |  |  | – |  |  |  | 66,876 |
Gross Profit |  |  | 1,131 |  |  |  | 999 |  |  |  | 787 |  |  |  | – |  |  |  | 2,917 |
|  | For the six-month period ended June 30, 2025
|  | Sale of sugar |  | Sale of rice |  | Sale of oil and fat products |  | Sale of others |  | Total
|  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |
Revenue |  |  | 60,772 |  |  |  | 19,732 |  |  |  | 14,519 |  |  |  | 13 |  |  |  | 95,036 |
Gross Profit |  |  | 921 |  |  |  | 899 |  |  |  | 805 |  |  |  | 5 |  |  |  | 2,630 |
The following table presents summary information by geographic region for the six-month periods ended June 30, 2024 and 2025, respectively.
Schedule of information by geographic region |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, |
|  | 2024 |  |  | 2025 |
|  | US$’000 |  |  | US$’000 |
Africa |  |  | 40,112 |  |  |  | 66,162 |
China |  |  | 5,762 |  |  |  | 15,232 |
Vietnam |  |  | 2,734 |  |  |  | 1,252 |
Philippines |  |  | 1,402 |  |  |  | 1,652 |
Thailand |  |  | 8,662 |  |  |  | 1,589 |
Singapore |  |  | 4,923 |  |  |  | 4,825 |
Malaysia |  |  | – |  |  |  | 2,197 |
Other countries |  |  | 3,281 |  |  |  | 2,127 |
Total |  |  | 66,876 |  |  |  | 95,036 |
In the following table, revenue is disaggregated by the timing of revenue recognition.
Schedule of revenue by timing |  |  |  |  |  |  |  |  |  |
|  | For the six-month period ended June 30, 2025
|  | Sale of sugar |  | Sale of rice |  | Sale of oil and fat products |  | Sale of others |  | Total
|  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |
Point in time |  |  | 60,772 |  |  |  | 19,732 |  |  |  | 14,519 |  |  |  | 13 |  |  |  | 95,036 |
|  | For the six-month period ended June 30, 2024
|  | Sale of sugar |  | Sale of rice |  | Sale of oil and fat products |  | Sale of others |  | Total
|  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |  |  |  | US$’000 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |
Point in time |  |  | 44,891 |  |  |  | 13,964 |  |  |  | 8,021 |  |  |  | – |  |  |  | 66,876 |
All assets and operations of the Company are located in Singapore, and accordingly, no segmental analysis of segment assets is presented.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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